AI基金华富新能源股票型发起式A（012445）披露2025年半年报，上半年基金利润2509.92万元，加权平均基金份额本期利润0.0642元。报告期内，基金净值 增长率为9.16%，截至上半年末，基金规模为2.52亿元。 该基金属于标准股票型基金，长期投资于先进制造股票。截至9月5日，单位净值为0.979元。基金经理是沈成，目前管理2只基金近一年均为正收益。其中， 截至9月5日，华富科技动能混合A近一年复权单位净值增长率最高，达152.51%；华富新能源股票型发起式A最低，为55.96%。 基金管理人在半年报中表示，2025 年上半年，本基金提升了风电、锂电新技术、智能驾驶、AIDC相关电力设备、可控核聚变的配置，降低了储能、光伏、 电网设备的配置。 截至9月5日，华富新能源股票型发起式A近三个月复权单位净值增长率为31.49%，位于同类可比基金12/44；近半年复权单位净值增长率为28.20%，位于同 类可比基金6/44；近一年复权单位净值增长率为55.96%，位于同类可比基金15/44；近三年复权单位净值增长率为3.72%，位于同类可比基金7/32。 从基金股票资产的估值角度来看，以最新中报数据计算，2 ...

AI基金博时新能源主题混合A（013103）披露2025年半年报，上半年基金利润127.11万元，加权平均基金份额本期利润0.0055元。报告期内，基金净值增长 率为0.99%，截至上半年末，基金规模为1.3亿元。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至9月3日，单位净值为0.686元。基金经理是郭晓林，目前管理的6只基金近一年均为正收益。其 中，截至9月3日，博时专精特新主题混合A近一年复权单位净值增长率最高，达89.23%；博时新能源主题混合A最低，为41.13%。 基金管理人在中期报告中表示，我们认为新能源行业开始出现分化，伴随新能源行业整体的资本开支的放缓，在部分锂电材料、风电整机及零部件等环节， 我们已经看到价格触底反弹的信号，以及龙头企业的盈利改善，竞争格局开始优化，在一些供需不平衡的行业，我们也看到行业自律以及政策引导下的产能 出清趋势；在需求侧，新能源车、海外大储、海上风电等方向依然持续增长。行业目前整体处于底部区域，开始出现结构性机会，未来我们将继续优选行业 中有竞争力的企业，争取持续挖掘新能源行业中的阿尔法机会。 截至9月3日，博时新能源主题混合A近三个月复权单位净值增长率 ...

Core Viewpoint - The AI Fund Penghua New Energy Selected Mixed A (011956) reported a profit of 817,500 yuan for Q2 2025, with a net value growth rate of 0.3% during the period, and a total fund size of 449 million yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 17, 2025, the fund's one-year cumulative net value growth rate reached 25.29%, ranking 64 out of 166 comparable funds [3]. - The fund's three-month cumulative net value growth rate was 13.94%, ranking 58 out of 171 comparable funds, while the six-month growth rate was 3.25%, ranking 127 out of 171 [3]. - Over the past three years, the fund's cumulative net value growth rate was -23.98%, ranking 46 out of 125 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0748, ranking 39 out of 120 comparable funds [8]. - The maximum drawdown over the past three years was 51.72%, with the largest single-quarter drawdown occurring in Q1 2024 at 22.46% [10]. Investment Strategy - The fund manager emphasized a strategy focused on "diminishing large beta, seeking small beta and alpha," recognizing that new energy is not a single industry but a technology-driven industrial trend requiring a broader perspective [2]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included companies such as CATL, XJ联, and 阳光电源, reflecting a focus on advanced manufacturing stocks [18]. - The average stock position over the past three years was 86.13%, with a peak of 91.22% at the end of H1 2025 and a low of 27.24% in Q3 2021 [13].

Group 1 - A total of four new energy-themed funds have been liquidated this year, all of which are initiated funds that failed to pass the scale test after three years due to performance losses [1][2] - The recently liquidated fund, Baoying New Energy Industry Mixed Fund, was established in May 2022 and experienced a decline of over 54% during the three-year downturn in the new energy sector [1] - As of the end of the first quarter this year, the fund's heavy holdings included stocks such as CATL, Sungrow Power Supply, and EVE Energy [1] Group 2 - The funds that have been liquidated this year, including Changcheng New Energy and Wanji New Energy Theme Fund, triggered liquidation clauses due to their asset scale falling below 200 million yuan after three years [2] - Currently, there are 45 actively managed equity funds with "new energy" in their names, of which only 22 have positive performance since inception, many established before 2020 [2] - Some new energy-themed funds have seen significant declines, with several products dropping over 40%, primarily those launched at market highs in 2021 [2] Group 3 - Multiple public funds believe that solid-state batteries may present investment opportunities, driven by positive policy attitudes and market demand since the introduction of new national standards for power batteries [3] - EV Tank projects that by 2030, the global shipment of solid-state batteries will reach 614.1 GWh, with a market size exceeding 250 billion yuan [3] - The demand for lithium batteries is expanding into various fields, including energy storage and AI, with solid-state batteries seen as a key technology upgrade for the future [3]

Core Viewpoint - A significant number of newly established renewable energy-themed funds from the 2022 market peak are entering liquidation due to insufficient scale and poor performance, highlighting the risks associated with chasing market trends and the need for improved investment strategies [1][2][5]. Group 1: Fund Performance and Liquidation - As of the first quarter of this year, nearly half of the renewable energy-themed funds have assets below 200 million yuan, triggering automatic liquidation procedures [1]. - Since May, six renewable energy-themed funds have announced liquidation, primarily those launched during the 2022 market peak, which have failed to maintain the required asset levels [2]. - The decline in fund net values is attributed to factors such as oversupply in the photovoltaic sector, intensified price wars in energy storage, and slowing demand for electric vehicles, leading to significant underperformance against benchmarks [2][3]. Group 2: Industry Reflection and Recommendations - The public fund industry has reflected on the shortcomings exposed by the previous renewable energy market cycle, emphasizing the need to avoid "chasing hot trends" and to establish a counter-cyclical issuance mechanism [1][5]. - Fund companies are encouraged to prioritize research capabilities and long-term performance in manager evaluations, moving away from a "scale-first" mentality [5]. - Investors are advised to approach thematic investments with caution, avoiding concentrated bets on single sectors and considering diversification to mitigate risks [6]. Group 3: Notable Fund Performers - Despite the overall trend, some funds have managed to retain investor interest and grow in size due to strong performance, such as the fund managed by Yang Ruiwen, which has a scale of nearly 6 billion yuan and has outperformed its benchmark by over 40 percentage points [3]. - Another fund managed by Li Bo has also shown impressive returns, with a yield of 57.58% since inception, significantly exceeding its benchmark [4].